NORWAY

i. Name of country

NORWAY

ii. Region

Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden

iii. Population

5,509,591 (July 2021 est.)

iv. General Introduction

Norway is a politically stable, modern, and developed country with a small population and a robust economy. Norway was ranked seventh in the world for ease of doing business. Norway is a signatory to the Schengen Agreement but not to the European Union. Norway’s main industries are oil and gas, seafood, shipping, and research and development. Norway is also the world’s most expensive country, with skyrocketing real estate prices. The Norwegian kroner (NOK) is the official currency.

This elongated country stretches from the capital city, Oslo, in the south, to Tromsø in the far north, known as the ‘Gateway to the Arctic’. Norway is home to approx. 5.4 million people. There are three official languages – Bokmål, Nynorsk and Sámi. Bokmål is the dominant language, Nynorsk (new Norwegian) is a dialect and Sámi is spoken by fewer than 0.5% of the population. Most Norwegians also speak English.

In 1992, tax reforms were introduced to simplify the Norwegian taxation system. This created a two-tier system where income is classed as personal income and general income. From 2016 a small reform takes place making a change towards less corporate tax on individuals’ net income and a shift toward more taxation on individuals’ gross income. The flat rate of corporation tax is currently 22% (in 2021). Merverdiavgift (MVA) or value added tax (VAT) is payable on most goods and services. VAT registration is required when a company’s turnover exceeds NOK 50,000 (though not-for-profit organisations have a higher threshold – NOK 140,000).

v. Wifi Speed

IPv4 internet connections in Norway averaged a connection speed of 23.5 Mbps.

vi. Electrical outlet

Norway operates on a 230V supply voltage and 50Hz.

vii. Per Capita GDP

Real GDP per capita
$63,600 note: data are in 2017 dollars (2020 est.)
$64,500 note: data are in 2017 dollars (2019 est.)
$64,300 note: data are in 2017 dollars (2018 est.)

note: data are in 2010 dollars

viii. Climate

temperate along coast, modified by North Atlantic Current; colder interior with increased precipitation and colder summers; rainy year-round on west coast

ix. Residence-by-Investment

Norway is a member of the Schengen Area. It has a strong and open economy. The government recognizes the benefits of a free market. They make every effort to develop business in the country. Foreign investment is one method. The Norwegian government welcomes foreign investment with open arms. They have introduced the Investor visa in order to attract investment into the country. If you meet the requirements, you can move to Norway and obtain Permanent Residence.

Investment

Applicants for the Investor visa must also have sufficient financial resources. The minimum amount required to invest in Norway is 100,000 EUR. To be eligible for an investor visa, you must demonstrate that you have the least amount of money.

Processing Time

Processing time is 1 month

Key Benefits

With a permanent residence permit you can live and work in Norway indefinitely. You also have extra protection against expulsion. This used to be called a settlement permit.

Requirements

The least required amount to invest in Norway is 100.000 EUR. You must prove to have the least amount to be eligible for the investor visa.

xi. Natural Resources

petroleum, natural gas, iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber, hydropower

xii. Ethnic Groups

Norwegian 81.5% (includes about 60,000 Sami), other European 8.9%, other 9.6% (2021 est.)

xiii. Languages

Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note – Sami has three dialects: Lule, North Sami, and South Sami; Sami is an official language in nine municipalities in Norway’s three northernmost counties: Finnmark, Nordland, and Troms

xiv. Religion

Church of Norway (Evangelical Lutheran – official) 68.1%, Muslim 3.4%, Roman Catholic 3.1%, other Christian 3.8%, other 9.6%, unspecified 15.4% (2020 est.)

xv. Median Age

total: 39.5 years
male: 38.8 years
female: 40.2 years (2020 est.)

xvi. Urbanization

urban population: 83.3% of total population (2021)
rate of urbanization: 1.32% annual rate of change (2020-25 est.)

note: data include Svalbard and Jan Mayen Islands

xvii. Physician density

2.92 physicians/1,000 population (2018)

xviii. Government type

parliamentary constitutional monarchy

xix. Unemployment Rate

3.72% (2019 est.)
3.89% (2018 est.)

x. Taxes

Headline Personal Income Tax Rate (highest marginal tax rate)

• 46.4% (22% + 8.2% social security contribution + bracket tax (from 1.8% to 16.2%) minus deductions)

Headline Corporate Income Tax Rate (excluding dividend taxes)

• 23%

Taxes on corporate income

• A Norwegian resident company is, as a starting point, subject to corporate income tax (CIT) on its worldwide income. Non-resident companies are, as a starting point, liable for CIT in Norway when engaged in a business that is either conducted in or managed from Norway.

CIT is, in general, assessed at a rate of 22%. Certain companies within the financial sector are assessed at a CIT rate of 25%.

Taxes on personal income

• Norwegian tax legislation distinguishes between full tax liability for resident taxpayers and limited tax liability for non-resident taxpayers. Residents are liable to income tax on their worldwide income, whereas non-resident taxpayers are only subject to income tax on specific types of income from Norwegian sources.

Corporate Tax Rate – 22.00
Personal Income Tax Rate – 38.20
Sales Tax Rate – 25.00
Social Security Rate – 22.30